SINGAPORE, March 6 (Reuters) - India’s Tata Motors (TAMO.BO) is seeking about $3 billion in loans to fund its planned purchase of Ford Motor Co’s (F.N) Jaguar and Land Rover luxury brands, the Financial Times reported on Thursday.
Tata has assigned its advisers, Citigroup (C.N) and JPMorgan (JPM.N), to arrange the financing with a number of other international and domestic banks, the FT said, quoting people familiar with the matter.
The loan, expected to be mostly short-term bridge financing, is larger than the expected purchase price, estimated at around $2 billion.
A person familiar with the deal said part of the loan could be used for working capital, the newspaper said. (Reporting by Lincoln Feast, editing by Jacqueline Wong)